UK-based steelmaker Liberty Steel’s Polish subsidiary Liberty Częstochowa has stated that the overwhelming majority of its creditors have officially approved its robust restructuring and restart plan. This development is a significant step forward in restarting production at the facility.
The company will submit the details of the approved votes to Częstochowa Court to support its new appeal against the decision to restart bankruptcy proceedings earlier this week. “Now the vast majority of creditors have voted for our restructuring plan, we urge the Court to withdraw its new proceedings as soon as possible so that we can all move ahead towards a sustainable future for Liberty Częstochowa,” Thomas Gangl, CEO at Liberty Steel Europe, said.
In addition, Liberty has confirmed that it would cancel any leasing arrangement put in place with a third party operator with immediate effect if it wins its appeal. At the beginning of September, Adrian Dzwonek, qualified restructuring advisor and bankruptcy trustee of Liberty Częstochowa, had stated that a lessee will be selected by the end of September, and that Germany-based steel trading company Steel Mont GmbH as well as Ukrainian steelmaker Metinvest were interested in Liberty Częstochowa’s assets, as SteelOrbis previously reported.